An old saying in Rome has it that the favorite candidate always enters the conclave as the next pope but exits as a mere cardinal. Matteo Renzi, Italy's maverick prime minister, is Europe's man of the hour; but the six-month rotating EU presidency which Italy kicked off earlier this month may leave him severely diminished, unless he fulfills the promise of his leadership with tangible results.

On July 1, one of the EU's smallest states and most recent members -- the Republic of Cyprus -- assumed the six month presidency of the E.U. There are three reasons why Cyprus' presidency will be of such great consequence.